The U.S. Federal Reserve has published the second quarter 2022 balance sheet of U.S. total household wealth [DATA HERE].

In the second quarter (April, May, June) 2022, the total U.S. household wealth dropped $6.1 trillion, despite a calculated increase in home value of $1.5 trillion.  The majority of the loss is connected to a drop in Corporate Equity (stock market) and household investment in the stock market.

FED “The net worth of households and nonprofit organizations declined $6.1 trillion to $143.8 trillion in the second quarter. The value of stocks on the household balance sheet declined by $7.7 trillion, while the value of real estate increased by $1.5 trillion.”  Keep in mind this is backward looking data, and after a period of decelerating rates of growth, the overall real estate market is now in a period of decline as calculated for the most recent month of July [DATA].

The equity position of homeowners is now considerably less than the equity position when the feds calculated the second quarter household wealth (two months ago).  Part of the issue goes back to what we have been discussing with inflation and specifically energy driven increases in fuel and electricity.

Inflation sucks money out of the economy, making people less wealthy.  Energy inflation sucks money exponentially faster out of each household, potentially making the already working-class poor, much poorer.

(more…)

During a podcast interview between Charlie Kirk (Turning Point USA / Club4Growth) and Warroom host Steve Bannon, Mr. Bannon stated the FBI raided 35 homes, offices and residences yesterday in seemingly coordinated activity timed with his arrest in Manhattan. {Direct Rumble Link}

Bannon was arrested under dubious fraud charges in Manhattan Thursday, connected to claims he duped donors who gave money to a We Build The Wall nonprofit organization established by Bannon and his partners. The case seems to hinge on statements made by the founders of the organization that “every penny” of the $15 to $25 million raised would be spent on the wall. However, according to New York prosecutors, several hundred thousand was used by Bannon and team to pay their own salaries and expenses.

Manhattan District Attorney Alvin Bragg gave Steve Bannon the handcuffed perp walk treatment, parading him through the courthouse like a captured political trophy. Mr. Bannon pled not guilty and was released after his arraignment for money laundering, conspiracy, fraud and other charges related to the “We Build the Wall” campaign.

The statement of 35 simultaneous FBI raids is the first mention of something coordinated like this. Perhaps further details will soon surface.

(more…)

The internecine angle to the intra-party political and financial conflicts come via Politico, so apply that prism accordingly. However, the overarching background of the story (as presented) does align with the internal party power conflict we all know about.

According to the outline, Mitch McConnell has withdrawn spending of the Senate PAC funds from MAGA senate candidates. McConnell is telling his senators who are more favorably aligned with President Trump, to push the Trump PAC to spend more on them if Trump wants to see them win in 2022.

President Trump has, and continues to, support all of the MAGA candidates with direct funding [See FEC Filing], campaign rallies [LINK], and major big donor fundraisers [LINK], including at least one example of excessive funds distributed [LINK].   However, whenever anything involves McConnell, particularly when it involves money, it is critical to apply a Machiavellian prism to McConnell’s DeceptiCon motives.

By now everyone should know Senator McConnell holds no fundamental interest in being in the majority.  Nothing in his power structure changes if Democrats are in the majority.  From McConnell and the club approach, the “control of the senate” argument is a fundraising gimmick.  Give the DeceptiCons control of the senate and nothing structurally changes in the policy or legislative sphere.  Reference the 2014 to 2020 GOPe control, anti-Trump resistance, budgets and support for Obamacare, as examples of the last time the GOPe had senate majorities.

Absent of any real motivation to gain a republican majority in the senate, illusions and pretenses dropped, the “battle for control of the senate” simply comes down to a strategy of what is best to support Big Corps, and downstream fundraising.  However, the fundraising angle does afford Mitch the opportunity to leverage more power and eliminate influence.

(more…)

Following the death of his mother, Queen Elizabeth II, King Charles III delivers his first official address to the nation following his appointment as king this afternoon. The speech was recorded in Buckingham Palace and broadcast to the nation.  The remarks represent the first public words since his mother Queen Elizabeth II died yesterday, and his first remarks as King Charles III. [Video and Transcript Below]

[Transcript] “I speak to you today with feelings of profound sorrow. Throughout her life, Her Majesty The Queen – my beloved Mother – was an inspiration and example to me and to all my family, and we owe her the most heartfelt debt any family can owe to their mother; for her love, affection, guidance, understanding and example.

“Queen Elizabeth was a life well lived; a promise with destiny kept and she is mourned most deeply in her passing. That promise of lifelong service I renew to you all today. Alongside the personal grief that all my family are feeling, we also share with so many of you in the United Kingdom, in all the countries where The Queen was Head of State, in the Commonwealth and across the world, a deep sense of gratitude for the more than 70 years in which my Mother, as Queen, served the people of so many nations.

“In 1947, on her 21st birthday, she pledged in a broadcast from Cape Town to the Commonwealth to devote her life, whether it be short or long, to the service of her peoples. That was more than a promise: it was a profound personal commitment which defined her whole life. She made sacrifices for duty.

(more…)

In an effort to keep the Daily Open Thread a little more open topic we are going to start a new daily thread for “Presidential Politics”. Please use this thread to post anything relating to the JoeBama Administration and Presidency.

“This is no small thing, to restore a republic after it has fallen into corruption. I have studied history for years and I cannot recall it ever happening. It may be that our task is impossible. Yet, if we do not try then how will we know it can’t be done? And if we do not try, it most certainly won’t be done. The Founders’ Republic, and the larger war for western civilization, will be lost.”

“But I tell you this: We will not go gently into that bloody collectivist good night. Indeed, we will make with our defiance such a sound as ALL history from that day forward will be forced to note, even if they despise us in the writing of it.”

~ Mike Vanderboegh

This thread will refresh daily and appear above the Open Discussion Thread.

(more…)

Our Father, who art in heaven, hallowed be thy Name. Thy kingdom come. THY WILL BE DONE, on earth as it is in heaven. Give us this day our daily bread. And forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but DELIVER US FROM EVIL.

For Thine is the kingdom and the power and the glory, forever and ever. Amen †

(more…)

Every institution of the JoeBama administration is filled with climate change ideologues. Never is that more abundantly clear than a U.S. Treasury Secretary who celebrates the future of the U.S. economy becoming “dependent on the wind and the Sun“.  {Direct Rumble Link}

[Transcript] – “Our plan – powered by the Inflation Reduction Act – represents the largest investment in fighting climate change in our country’s history. It will put us well on our way toward a future where we depend on the wind, sun, and other clean sources for our energy. We will rid ourselves from our current dependence on fossil fuels.” (link)

.

To understand the scale of the ideological effort, review this earlier statement in her prepared remarks, “In markets where we could not help lower prices by expanding supply, we have aimed to mitigate the pain directly, through cost relief.”  The admission here is that ideologically the Biden administration cannot expand energy supplies to lower energy prices without compromising their climate change mission.

[Full Transcript Here]

(more…)

A comprehensively corrupt and politically motivated U.S. Justice Department has appealed the part of Judge Cannon’s previous order appointing a special master with authority to review documents the FBI collected at Mar-a-Lago last month. [Appeal for ‘stay’ pdf motion Here]

The corrupt and politically motivated Lawfare prosecutors state they have serious concerns about handing government secrets to a third party and will not allow it.

In essence, the DOJ-NSD, an agency within the justice department created by Eric Holder, is claiming no one outside the DOJ-NSD should be allowed to review the documents they have defined as “national security” interests. Main Justice really, really doesn’t want anyone seeing what the DOJ-NSD are defining.

The DOJ lawyers begin by telling the judge she must respond to them on their timeline, or else they will go to the eleventh circuit court of appeals and have them block her ruling. Do as we say, or else…

The majority of the rest of the motion for the Judge to stay her own prior ruling, surrounds various claims of national security compromise.

(more…)

As the announcement of Queen Elizabeth’s passing starts to settle-in across the United Kingdom and all British commonwealths, GBNews broadcaster Nigel Farage interviews President Donald Trump about his recollections of the Queen.  WATCH (4 minutes):

.

(more…)

President Donald Trump released a statement via Truth Social:

“Melania and I are deeply saddened to learn of the loss of Her Majesty Queen Elizabeth II. Together with our family and fellow Americans, we send our sincere condolences to the Royal Family and the people of the United Kingdom during this time of great sorrow and grief. Queen Elizabeth’s historic and remarkable reign left a tremendous legacy of peace and prosperity for Great Britain.

Her leadership and enduring diplomacy secured and advanced alliances with the United States and countries around the world. However, she will always be remembered for her faithfulness to her country and her unwavering devotion to her fellow countrymen and women. Melania and I will always cherish our time together with the Queen, and never forget Her Majesty’s generous friendship, great wisdom, and wonderful sense of humor. What a grand and beautiful lady she was—there was nobody like her!

(more…)